Archive for September, 2014
Tuesday, September 16th, 2014
UPS plans to hire 40,000 more seasonal workers for the October through January holiday rush this year. The company said that some of those workers may retain jobs as permanent employees.
This is one little piece of the macroeconomic puzzle which points to an improving economy.
Posted in Uncategorized | Comments Off on Holiday Hiring Surge
Tuesday, September 16th, 2014
TIPS (Treasury Inflation Protected Securities for the uninitiated) have taken a beating on spread over the last several months. Breakeven spreads have narrowed and those long protection have watched TIPS lag nominals. The 5 year breakeven has moved to 180 from 210 back in early July. In that same time ...
Posted in Uncategorized | Comments Off on TIPS
Tuesday, September 16th, 2014
A fully paid up subscriber forwarded a run of long financial paper ant that stuff is mixed with some one tighter (GS 24s) and some wider JPM 24s. The IG 22 is conforming with the risk off environment and is 3/4 wider at 62 62 1/2.
Corporate supply is lighter and ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Tuesday, September 16th, 2014
Via Bloomberg:
* African Development Bank 1 bln(ng) Aaa/AAA
** 7Y Global
** Spread set ms+5
** Books: BNP,C,GS,NOM
*Municipality Finance 1 bln(ng) Aaa/AAA
** 3Y
** Spread set ms -2
** Books: C,DB,JPM,MIZ
* Turk Eximbank 500mm (ng) BAA3/BB+
** 7Y 144A Reg S
** IPT MS +287-5-300
** Books: BARC,C,JPM,MIZ,MUS
* Nordea Bank AB B'Mark NA/BBB+/BBB
** Perp nc 5 yr 144A ...
Posted in Uncategorized | Comments Off on Corporate List Thus Far
Tuesday, September 16th, 2014
This story reminds me of the famous Chicago Daily News headline from 1948 which declared "Dewey Wins". For the uninitiated in the 1948 Presidential election between Thomas Dewey and incumbent President Harry Truman there was near unanimity regarding the certainty of Dewey's election and Truman's defeat. The Chicago Daily News ...
Posted in Uncategorized | 1 Comment »
Tuesday, September 16th, 2014
This is an excellent research piece via SocGen which carries that firm's views on a variety of monetary policy and geopolitical questions. It is long but a worthwhile read.
Via SocGen:
Sunday Snapshot - The End of Easy Carry (M. Marcussen) (4p)
The core theme in our new Global Economic Outlook (GEO) {http://bit.ly/1q9sXTi}
is ...
Posted in Uncategorized | Comments Off on Global Review
Tuesday, September 16th, 2014
All Clients
Long Neutral Short
Sept 15 13 45 42
Sept o8 11 53 36
Sept 02 11 49 40
Active Clients
Sept 15 8 23 69
Sept 08 8 46 46
Sept 02 8 31 61
In the all clients survey, the percent of longs increased by 2, the percent of neutrals decreased by 8, and the percent ...
Posted in Uncategorized | Comments Off on JPM Duration Survey
Tuesday, September 16th, 2014
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 8:30am: PPI Final Demand m/m, Aug., est. 0.0% (prior 0.1%)
* PPI Ex Food and Energy m/m, Aug., est. 0.1% (prior 0.2%)
* PPI Final Demand y/y, Aug., est. 1.8% (prior 1.7%)
* PPI Ex Food and Energy y/y, Aug., est. 1.8% (prior 1.6%)
* ...
Posted in Uncategorized | Comments Off on What to Watch Today
Tuesday, September 16th, 2014
Via Bloomberg:
IG CREDIT: Volume Rises, Spreads Leak Wider; 5 Names to Price
2014-09-16 10:13:28.18 GMT
By Robert Elson
Sept. 16 (Bloomberg) -- The final Trace count for secondary
trading was $12.6b vs $10.7b Friday and $10.6b the previous
Monday. 10-DMA $12.6b; 10-DMA of only Monday sessions $10b.
* 144a trading added another $2b of IG volume
* ...
Posted in Uncategorized | Comments Off on Secondary Market IG Trading Yesterday
Tuesday, September 16th, 2014
Via mark Chandler at Brown Brothers:
Dollar Mixed Ahead of Event Risks
- Sterling is the weakest of the majors; minutes from the recent MPC meeting will be released tomorrow
- UK inflation was in line with expectations, but housing prices continue to push higher
- Similarly to the UK, the Reserve Bank ...
Posted in Uncategorized | Comments Off on FX